President Ruto outlines economic gains and reforms

President William Ruto on Thursday addressed Parliament, highlighting what he described as significant economic achievements and reforms over the past three years.

Speaking in the National Assembly, he told lawmakers, “We restored fiscal discipline. We eliminated wasteful subsidies. We rationalised public expenditure. We strengthened revenue collection and placed our economy on a path of recovery and sustainability.”

According to President Ruto, these measures have helped stabilise the Kenyan shilling and reduce inflation.

“Inflation has fallen from 9.6pc to 4.6pc, and the shilling has remained steady at 129 to the US dollar for nearly two years,” he said.

The President also cited Kenya’s GDP growth, noting that it has risen from $115 billion to $136 billion, moving the country from the eighth- to the sixth-largest economy in Africa, in his assessment.

“This progress demonstrates the potential of our economy when fiscal discipline and strategic reforms are implemented,” he told the House.

He attributed improvements in foreign reserves to these reforms.

“Our foreign reserves now exceed $12 billion—the highest level in independent Kenya. This provides stability and restores investor confidence.”

On agriculture, President Ruto said his administration had reduced the cost of fertiliser by almost two-thirds, which he said had saved farmers Sh105 billion.

He also highlighted maize production, claiming it had risen from 44 million bags in 2022 to 67 million bags in 2024, with projections of 70 million bags this year.

In addition, President Ruto pointed to Kenya’s strengthened credit and financial inclusion programmes, which he said had benefited millions of Kenyans, including those previously blacklisted.

“7 million Kenyans who were blacklisted have now repaired their credit, and 3 million small business owners previously excluded from formal finance are now banked,” he said.

He concluded his remarks on the economy by emphasizing that these reforms were part of a broader agenda to position Kenya as a competitive and resilient nation.

“The transformation across agriculture, healthcare, education, and financial inclusion is now visible in markets, in homes, and in the lives of Kenyans. This is what sustainable development looks like, and it is only the beginning,” President Ruto said.